Binance US Stock Business Structure Exposed: Nest Trading Handles Connections, Alpaca Commands 94% of Tokenized US Stock Market

Odaily Planet Daily News Binance's US stock business adopts a dual-core structure of "Introducing Broker + Clearing Broker," where Nest Trading handles order referrals, and the US fintech company Alpaca Securities oversees the entire process of trade execution, clearing, settlement, and asset custody.

Nest Trading, formerly known as BCI Limited, obtained a Broker-Dealer license from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) in late 2025 and officially began operations on January 5, 2026. Together with Nest Exchange and Nest Clearing and Custody, it forms Binance's compliance "troika" in ADGM. Registered on Reem Island in Abu Dhabi, it handles key Binance services such as OTC, Convert, and Earn.

Alpaca, an SEC-registered broker-dealer and member of FINRA and SIPC, commands a 94% market share in tokenized US stocks and ETFs, facilitating 1:1 on-chain asset conversions for platforms like Ondo Finance. In January 2026, it completed a $150 million Series D funding round, achieving a valuation of $1.15 billion and unicorn status, with investors including Citadel Securities, Kraken, MUFG, and others. As of early 2026, Alpaca serves over 300 institutions, covering 9 million brokerage accounts. By the end of 2025, it held total assets of $1.386 billion and net capital exceeding $100 million.

Public information shows that Binance and its core team had no prior connection with Alpaca. This partnership establishes a cross-border US stock trading loop of "ADGM-licensed connection + US compliant clearing."